A strong banking relationship is indispensable for every business, irrespective of its size or industry. Most businesses value the relationship they have with their vendors, and banking is just that—a mutual partnership. That’s why it’s vital to make sure you enter the right relationship – or consistently re-evaluate your current one – so that you have a partnership that’s poised to drive your growth and help you navigate the economic landscape.

Whether you have an established banking relationship, or are on the hunt for the right banking partner, there are five key factors to consider when evaluating your options:

Your Top Five Checklist:

• Accessibility to a Real Person – You’ll want to connect with a real person in a timely manner – and that’s what you deserve. Understanding how quickly you can reach your banker for assistance, questions, and strategic advice is highly indicative of the experience you’ll have in that relationship. Is your banker readily available by phone or text? Will you have a direct line to your banker or will your calls have to be filtered through an automated customer service system each time you reach out? These are key questions you’ll want to ask, and you’ll want to know that your banker – not an automated system – is readily available.  
• Local Market and Industry Expertise – You’ll want a banking partner that has an in-depth knowledge of local markets and your specific industry. This kind of expertise is vital to helping you navigate everyday challenges across your community and your industry – and it’s not something that every bank can offer. A partner that has their boots on the ground with you will be able to provide specific financial solutions and guidance that are applicable to your unique situation.  
• Diverse Range of Product Offerings – Look for a bank that provides a comprehensive suite of financial products and services, including commercial mortgages, lines of credit, SBA loans, treasury accounts, and more. The more services they offer, the better equipped they’ll be to help fuel your growth and present you with alternative routes to achieve your goals. So many businesses tend to outgrow their banks, so it’s important to partner with an institution that can support the beginning of your journey and carry you forward as you continue to evolve.
• Personalized Service and Attention to Detail – No two businesses operate the same way – or even have the same goals and challenges. So, why should their financial plan be the same? Your business will thrive on personalized attention and meticulous care. Making sure your bank offers tailored services, proactive communication, and a deep understanding of your needs is critical to increasing your operational efficiency and your growth potential.
• A True Partnership – Opt for a banking relationship grounded in partnership and mutual understanding. You deserve a banking relationship that extends beyond a purely transactional process. That’s where a regional bank can deliver – and where bigger banks who tend to not have the capacity to give each client individualized attention cannot. Your banking relationship should be a true partnership where it’s clear that your banker is adept at helping you meet your goals and overcome challenges. Additionally, having a genuine commitment to long-term collaboration fosters trust, loyalty, and shared success between both parties.

Furthermore, businesses should adopt the view that their operating account is an asset that can yield strategic advantages. In today’s economic climate, money has become a commodity, and businesses need to use that mindset to their advantage when pursuing a banking relationship:

• Strategic Value of Operating Accounts – Think of operating accounts as assets rather than just repositories of funds. This mindset empowers businesses to negotiate favorable terms and conditions, leveraging the value of their deposits.
• Facilitating Loan Negotiations – Operating accounts can actually serve as leverage during loan negotiations. A bank that values your relationship is more inclined to facilitate loans tailored to specific financing needs, reflecting a deeper understanding and commitment to mutual growth.
• Building Mutual Appreciation – Your bank’s recognition of the value inherent in the operating account signifies a genuine appreciation for your business’s contribution and potential. This fosters a symbiotic relationship where both parties actively collaborate for mutual benefit and long-term success.

Businesses should regularly evaluate their banking relationships to ensure alignment with their growth objectives and operational requirements. By prioritizing accessibility, expertise, diverse offerings, personalized service, and partnership-based interactions, you can forge an enduring alliance with your bank that drives prosperity and resilience.

Visit Valley.com or contact us today to explore how we can build a banking relationship that enhances your business growth.

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